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Jacques, a courier who rents business premises, owns one truck which he uses eve...
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Jacques, a courier who rents business premises, owns one truck which he uses every day to deliver parcels. Jacques wants to borrow R500 000 from Boss Bank in order to buy another truck. Boss Bank requires security for the loan to ensure that Jacques will repay the loan. Jacques only has the truck to offer as security for the loan, but he can’t render courier services without the truck. Which ONE of the following forms of security will be the best way for Jacques to secure his obligations under the loan?
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